Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Olstein Capital Management L.P.

Olstein Capital Management L.P. lessened its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 21.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 142,000 shares of the company’s stock after selling 39,000 shares during the quarter. Olstein Capital Management L.P. owned about 0.06% of Gates Industrial worth $2,921,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of GTES. Amalgamated Bank increased its stake in shares of Gates Industrial by 48.4% during the second quarter. Amalgamated Bank now owns 35,996 shares of the company’s stock valued at $569,000 after acquiring an additional 11,732 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Gates Industrial during the 2nd quarter valued at $227,000. Bank of Montreal Can raised its stake in shares of Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after buying an additional 823 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Gates Industrial in the second quarter valued at $142,000. Finally, Mackenzie Financial Corp boosted its stake in Gates Industrial by 4,077.5% during the second quarter. Mackenzie Financial Corp now owns 443,948 shares of the company’s stock valued at $7,019,000 after buying an additional 433,321 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 0.1 %

NYSE:GTES opened at $20.77 on Friday. The business’s fifty day moving average price is $21.18 and its 200 day moving average price is $19.00. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 25.02 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 1-year low of $12.40 and a 1-year high of $23.34.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GTES. KeyCorp upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. The Goldman Sachs Group raised their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Finally, Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

About Gates Industrial

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.